Trump says he spoke with Apple CEO Cook
WASHINGTON :U.S. President Donald Trump said he had spoken to Apple CEO Tim Cook earlier on Monday morning that the tech chief executive will be building a lot in the United States, without giving further details.
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Business Times
an hour ago
- Business Times
South-east Asia's polymer production crisis worsens as US-China trade shift looms
[SINGAPORE] South-east Asia's petrochemical industry is facing a double whammy of weakening export demands and potential import surges, as trade tensions could redirect US polymer to the region's already-saturated market, sustaining pressure on production. Polyethylene (PE) and polypropylene (PP), as crucial downstream segments, are encountering 'considerable challenges' in the region, noted commodity markets intelligence firm Argus. This is amid trade uncertainty exacerbated by a US federal appeals court ruling on Wednesday (Jun 11) that President Donald Trump's tariffs can remain in place while it reviews an earlier court decision to block them. The latest ruling complicates newly drafted US-China plans to ease trade tensions. Argus highlighted that additional US polymer supply is anticipated to enter South-east Asia as part of trade flow redirection, driven by cost-competitiveness and the low likelihood of countries in the region imposing retaliatory tariffs on US cargoes. The London-headquartered research firm found that some US producers and regular exporters had already begun sending their cargoes to Vietnam instead of China. 'However, the situation remains fluid, and any continued shift in trade flows could contribute to additional supply entering the South-east Asian market,' the research firm said. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up During the US-China trade war in Trump's first term in office, US polymer exports were redirected to countries in the Asia-Pacific. Specifically, US PE exports to Singapore and Malaysia rose by 328 per cent and 264 per cent, respectively, Argus noted in another report released on May 30. Plastic goods pressuring demand Meanwhile, trade uncertainty could prompt new trade routes for finished plastic goods, beyond the polymer trade. Chinese plastic products once bound for the US will likely seek alternative markets – including South-east Asia. This threatens to further strain the region's export-dependent finished goods sector, putting indirect downward pressure on polymer demand. In 2024, around 8 per cent of the US' imported finished plastic goods came from South-east Asian countries, which now see the risk of a significant fall in demand, noted Argus. Around 17 per cent of China's PE imports were from the US in 2024. The intelligence firm noted that South-east Asian countries could explore opportunities to increase run rates and export PE to China with low-cost feedstocks amid the trade tensions between the world's two largest economies. 'But this remains a challenge for the region, as it predominantly relies on naphtha as a feedstock, which is less cost-competitive than lighter options,' it added. It also said that limited upstream integration further disadvantages the region, compared with markets in the Middle East and North-east Asia, where more integrated supply chains enhance cost efficiency. China factor Other than trade uncertainty, China's expanding polymer production capacity also threatens to deepen South-east Asia's existing polymer production crisis, where some regional crackers had been in extended shutdowns since late 2024. Fumiko Dobashi, manager of Asia-Pacific chemicals price reporting at S&P Global, highlighted a trade dynamic between the US, China and Asia in a briefing on Jun 3: The US exports raw materials such as ethane, liquefied petroleum gas and polymers, while Asia ships back finished plastic products and rubber products. However, China has been expanding its polymer capacity, transforming itself into a net exporter from a net importer and adding to the polymer flood into nearby regions, said Dobashi. She noted that while the US remains a major polymer exporter, the trend of China becoming a significant player continues, with the country increasing its exports to Asean nations such as Vietnam. Declining operating rates Over the past five years, South-east Asia's PE and PP operating rates have declined by 25 per cent and 20 per cent, respectively, on average as exports fell and imports rose, Argus noted. Meanwhile, the region's PP net trade position has shifted from net exporter to net importer since 2022; as has its PE trade position since 2024, amid China's accelerated progress towards self-sufficiency and increasing exports. Specifically, China's PP exports into the region have trebled to 636,000 tonnes over the past five years, mainly to Vietnam and Indonesia. China's focus on self-sufficiency also significantly reduced South-east Asia's PE and PP exports by 1.8 million tonnes, or 37 per cent, over the same period, according to the research firm. It added that the region's polymer prices will be further depressed by shrinking downstream export demand and more supply entering the market.
Business Times
an hour ago
- Business Times
Huawei launches Pura 80 smartphone series in next step of China comeback
[BEIJING] Chinese tech giant Huawei launched its Pura 80 smartphone series on Wednesday (Jun 11), as the company seeks to cement its comeback in China's premium smartphone market following years of US sanctions. Huawei's latest flagship launch demonstrates the Chinese tech giant's continued efforts to reclaim the top spot in its home market despite ongoing US sanctions. Each new phone release is closely watched as a barometre of the company's technological capabilities and market resilience following years of restrictions that severely impacted its smartphone business. Huawei's resurgence has intensified pressure on Apple, which has seen its market share in China steadily decline and has increasingly relied on price discounts to stimulate sales. Huawei unveiled the Pura 80 series through a livestream event, with consumer business unit head Yu Chengdong focusing heavily on camera capabilities and AI features while staying silent about the chips powering the devices. The series includes four models: Pura 80, Pura 80 Pro, Pura 80 Pro+, and Pura 80 Ultra. Pricing starts at 6,499 yuan (S$1,163) for the Pro series launching Jun 14, with the Pro+ also launching Jun 14 at 7,999 yuan and the Ultra at 9,999 yuan on Jun 26. The base model launches in July. The cameras use XMAGE technology and feature ultra-wide-angle and macro telephoto lenses with embedded AI that can identify objects and provide information like tourist guides. Huawei phone launches generate significant interest as many view them as the company defying US sanctions. On Chinese microblogging platform Weibo, three of the top ten trending topics on Wednesday were Pura 80-related. User reactions were mixed, with many praising the camera capabilities and sleek design while others complained the prices were too high and not worth the cost. REUTERS
CNA
2 hours ago
- CNA
Japan remains cautious on tariff impact in June econ report
TOKYO :Japan's government reiterated its warning on the risks from U.S. tariffs on economic growth, saying in a monthly report on Wednesday that the potential impact on corporate profits needed attention. The economy faces pressure from U.S. import levies of 24 per cent from July unless officials can negotiate them down. Japan's government is also seeking an exemption for its carmakers from a separate 25 per cent import tariff on vehicles. Japan's gross domestic product shrank an annualised 0.2 per cent in the January-March quarter, even before U.S. President Donald Trump announced his so-called "reciprocal" tariffs on April 2. "The economy is recovering moderately, while uncertainty is arising from U.S. trade policies," the Cabinet Office said in its monthly report for June released on Wednesday, keeping the assessment unchanged for a third month. In addition to tariffs, the report maintained its reference to "the effect of continued price rises on household sentiment and consumption" as another negative risk to the economy. It also noted that corporate profits were recovering, citing first-quarter business statistics, but added a fresh reference to the potential impact of trade disruptions. "With some firms withholding financial forecasts amid uncertainties surrounding U.S. tariffs, their impact on earnings may come to light only in the data for the April-June quarter or beyond," an official at the Cabinet Office told a press briefing. While no significant impact from U.S. tariffs on Japan's export volumes has been seen so far, trade trends from May onwards required attention, the official added. On wages, this spring's pay negotiations probably led to an average raise of more than 5 per cent, exceeding last year's, although smaller firms lagged bigger companies, the official said, based on the national labour group Rengo's data. Prime Minister Shigeru Ishiba said earlier this week that his ruling party would pledge to achieve growth of more than 50 per cent in Japan's average income by 2040 in campaigning for the upper house elections next month.
